Gucci Posts 42% Drop in Profit
For Quarter on Sept. 11 Fallout

Gucci Group NV posted a worse-than-expected 42% slide in first-quarter net profit, but appeased the market by sticking to its full-year financial targets.

Providing further evidence that the global economic slowdown is still taking its toll on the luxury-goods market, the sector's third-largest player said net income fell to &euro;35.5 million ($33.8 million) in the quarter ended in April from &euro;61.4 million in the same...